The Reserve Bank governor has apologised for suggesting to Australians that interest rates were going to stay low as the nation battled inflation over the past few years.
In testimony today (Mon 28 Nov) to the Senate's Economics Committee, Philip Lowe has said he had some regrets in saying that the cash rate would remain steady until 2024. But he says the Reserve Bank wanted to do everything it could to help the country get through what he described as "a dire situation", amid fears unemployment could spike to 15 percent.
The government has confirmed plans to censure Scott Morrison over his secret appointment to several ministries while he was leading the previous Coalition government. Prime Minister Anthony Albanese says cabinet has endorsed all six recommendations of the Bell report into the secret ministries.
Ukraine's government says it still has concerns about the level of grain exports leaving its ports, despite an United Nations brokered agreement to stop a previous Russian Black sea blockade. Infrastructure minister Oleksandr Kubrakov says exports of Ukraine's grain will not reach 3 million tonnes in November because Moscow is trying to limit ship inspections at ports. He says it was the custom to have 40 inspections a day, but there are now five times fewer checks because of Russia's position. Kubrakov says 77 ships are queuing to pass the inspection in Turkey, while their three Black Sea ports are using up to only 50 percent of their capacity.
